No it bloody well does not. The "maximize shareholder value" thing has never been read that strictly by a court of law (otherwise, Apple would have been ripe for a suit when they told off an activist investor rep who was upset they were pursuing environmental goals at the expense of better ROI [1]).

Companies hollow out (or enshittify) their products because it is easy and because it guarantees results at least in the short term. There are other ways to grow, and they tend to require imagination and long-term planning. Don't blame the stock market for entirely voluntary choices of taking the easy way out.

[1]: https://arstechnica.com/gadgets/2014/03/at-apple-shareholder...